Bitcoin Spikes to 4‑Days High, SOL, AVAX, DOT, and MATIC Soar Double-Digits (Market Watch)

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Bit­coin con­tin­ues with its attempts to recov­er some of the recent­ly-lost ground and has increased to just over $21,000. How­ev­er, it has been out­per­formed by most of the alt­coins. Some, such as DOT, AVAX, SOL, and MATIC, have marked mas­sive dou­ble-dig­it gains.

Altcoin on the Rise

Fol­low­ing the mas­sacre that tran­spired in the past week, and espe­cial­ly dur­ing the week­end, the alter­na­tive coins have begun their recov­ery sessions.

Ethereum was among the most sub­stan­tial losers. At one point, ETH had lost over 50% of its val­ue in about a week and dumped all the way down to $900. Yes­ter­day, though, brought some relief to the sec­ond-largest cryp­to, which reclaimed $1,000. Anoth­er dai­ly increase has now pushed it above $1,100.

BNB dipped below $200, but it’s cur­rent­ly above $220 fol­low­ing a 5.5% jump now. ADA has seen a sim­i­lar increase and trades at $0.5. XRP, DOGE, LEO, and SHIB are also in the green.

The most impres­sive gain­ers from the larg­er-cap alt­coins are Solana, Polka­dot, Avalanche, Chain­link, and Poly­gon. All of them are up by dou­ble dig­its on a dai­ly scale.

The over­all cryp­to mar­ket cap has added anoth­er $40 bil­lion in a day and is well above $900 bil­lion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto

Altcoin/Industry News

The orga­ni­za­tion behind Car­dano said it had decid­ed to post­pone the antic­i­pat­ed Vasil upgrade to have time to pre­pare better.

The DeFi pro­to­col – Ban­cor – joined the list of oth­er indus­try names halt­ing ser­vices. The project stopped its imper­ma­nent loss pro­tec­tion fea­ture, cit­ing mar­ket issues.

Author­i­ties from South Korea banned some of Terra’s employ­ees from leav­ing the country.

Bitcoin Sees a Minor Peak

Bit­coin also plum­met­ed hard in the past week or so and even plunged below $20,000 dur­ing the week­end for the first time in over a year. More­over, the pri­ma­ry cryp­tocur­ren­cy kept div­ing and bot­tomed at $17,500 on Sun­day – a new 18-month low.

How­ev­er, the bulls stepped up at this point and reversed BTC’s tra­jec­to­ry. Instead of head­ing fur­ther south, the asset start­ed reclaim­ing some ground and spiked above $20,000 yes­ter­day, as report­ed.

The past 24 hours also went pos­i­tive­ly for the cryp­tocur­ren­cy, aside from a brief retrace­ment to below $20,000. As of now, bit­coin stands tall above $21,000, and its mar­ket cap has reclaimed the $400 bil­lion mark. The dom­i­nance over the alt­coins stands at 44.5%.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto

Notable Bitcoin News

Although bit­coin has recov­ered more than $4,000 in a few days, Arthur Hayes believes the asset is not out of the woods yet and could dump again.

The mas­sive mar­ket crash has not deterred Kevin O’Leary, as the promi­nent investor said he will not sell any of his BTC and cryp­to holdings.

The Iran­ian gov­ern­ment has report­ed­ly decid­ed to halt cryp­to min­ing oper­a­tions amid the upcom­ing sum­mer season.

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 

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